Bharat Rasayan share price jumps 3% on buyback approval

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Bharat Rasayan share price increased 3 percent in early trade on January 13 after the company's board approved buyback proposal.

The company board in its meeting held on January 12 approved the proposal of buyback of its fully paid-up equity shares of Rs 10 each from the equity shareholders of the company.

The company proposed to buyback upto 93,472 equity shares of Rs 10 each, comprising of 2.20% of the total paid-up equity share capital of the company at a price of Rs 11,500 per equity share for an aggregate amount not exceeding Rs 107.49 crore.

At 09:32 hrs, Bharat Rasayan was quoting at Rs 10,577, up Rs 209.05, or 2.02 percent on the BSE.

The share touched its 52-week high Rs 11,699.00 and 52-week low Rs 4,586.00 on 11 August, 2020 and 24 March, 2020, respectively.

Currently, it is trading 9.59 percent below its 52-week high and 130.64 percent above its 52-week low.